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Australia: S&P/ASX 200 (.AXJO) uncertainty returns to market

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Australia: S&P/ASX 200 (.AXJO) uncertainty returns to market

The Australian share market has edged lower, with traders apparently feeling cautious on a number of fronts.

The benchmark S&P-ASX 200 index finished down 9.1 points to 6691.2, while the all ordinaries was down five points to 6781.2 points.

“I think we’ve definitely got uncertainty coming into the market today,” said Shayne Heffernan, CEO and Founder of Heffx.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 6,819.16.

The projected lower bound is: 6,578.46.

The projected closing price is: 6,698.81.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 63.4569. This is not an overbought or oversold reading. The last signal was a sell 10 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 57.25. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 10 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 20. This is not a topping or bottoming area. The last signal was a sell 10 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 10 period(s) ago.

Rex Takasugi – TD Profile

S&P/ASX 200 closed down -9.100 at 6,691.200. Volume was 16% below average (neutral) and Bollinger Bands were 49% narrower than normal.

Open High Low Close Volume___
6,700.3006,710.7006,673.2006,691.200 521,328,672

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 6,677.60 6,547.61 6,109.88
Volatility: 8 12 14
Volume: 546,484,928 637,443,072 623,922,752

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

S&P/ASX 200 is currently 9.5% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .AXJO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .AXJO and have had this outlook for the last 29 periods.

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